Bitcoin, Ethereum, Dogecoin Continue Higher: '$80K By End Of June' Would Not Be A Surprise Says Trader...If This Support Holds

Cryptocurrency markets are trading in the green on Wednesday, led by the second-highest day of inflows into spot Bitcoin ETFs since their launch..

Prices as of 4 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$71,378.80	+1.6%
Ethereum ETH/USD	$3,875.36	+2%
Solana SOL/USD	$173.34	+2.7%
Dogecoin DOGE/USD	$0.1636	+1.9%
Shiba Inu SHIB/USD	$0.00002591	+6.4%

Notable Statistics:

• Coinglass data shows Bitcoin short liquidations ($26.1 million) peaking at the highest level since May 21. Open interest is currently at its highest since early April.
• IntoTheBlock shows addresses holding more than 1,000 BTC collectively owning more than 40% of the total Bitcoin supply, a trend that has been increasing since mid-March.
• At $73,000, $2.1 billion in shorts may be in danger of liquidation.
• CryptoQuant data highlights accelerating Bitcoin and Ethereum demand after the March to May slowdown, with permanent wolders and whale’s bitcoin balances growing at increasing speed.

Notable Developments:

• BlackRock’s Bitcoin ETF Up 50% Since Launch: Indicators Point To Continued BTC Bull Run
• Coinbase Launches Smart Wallets To Simplify Crypto Onboarding
• Bitcoin’s Current Cycle Is Outperforming According To These 3 Metrics, Says Analyst
• Bitcoin Could Go To $500K By October 2025, Says Silicon Valley VC

Top Gainers:

Cryptocurrency	Price	Gains +/–
Stacks STX/USD	$2.39	+12.7%
Cronos CRO/USD	$0.1187	+8.4%
Floki FLOKI/USD	$0.0003091	+7.9%

$BTC – Open interest and all signs are pointing to a $72k break and a short squeeze to all time highs.

I wouldn't be surprised if we see $80,000 by the end of June. pic.twitter.com/jmzL52h3RO

— Jacob Canfield (@JacobCanfield) June 5, 2024

Macro economist Seth believes that Bitcoin's daily impulse just started and volatility is at its lowest since August 2023. He added, "Bitcoin RSI at 63. Sure, we can have a small pullback. But the Daily Impulse up just begun."

Crypto analyst Ali Martinez points to the "most crucial support level at $68,500." Bitcoin will go “up only” if it holds.

The most crucial support level for #Bitcoin is now at $68,500! If $BTC maintains this level, it's up only from here. pic.twitter.com/cLRjkK1Q1x

— Ali (@ali_charts) June 5, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin All-Time Highs A ‘Stone’s Throw Away’ If It Starts Closing Above This Price, Predicts Trader

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